News flash! Canadian homebuyers could soon see much more detailed data on homes listed for sale, thanks to a decision by the Supreme Court of Canada!
Below is some commentary on the current state of the market from our parent company, Bosley Real Estate, as well as some choice headlines from the final week of August!
For most people the New Year starts January 1st, but for some others, teachers and realtors included, the day after Labour Day everything starts new on that day. We are heading to the start of the fall market and there seems to be quite a buzz about all the new listings ready to hit the market. Houses for sale in prime Toronto neighbourhoods are scarce these days. After a quick uptick in listings and activity the market has backed off to traditional summer levels. Agents are telling their sellers to wait until after the labour day weekend to list.
While price growth has been mostly evident in the city of Toronto so far this year, other regions still have a long way to recover from 2017. (See attached PDF on upper right.) As the summer winds down, we have nothing to complain about. It was one of the hottest we have experienced in some time.
In the freehold market we saw a slight dip of 22% in new listings week over week, while sales continued to hold steady. Low inventory levels are driving up prices and producing multiple offers in nearly 48% of home transactions last week. The condo market was the reverse with new listings holding steady but a 36% drop in sold units. Sales at or above the list price are currently at 36%, which is a solid indicator that the condo market is still trading well.
*Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE PAST WEEK:
Canadian Homebuyers Will Finally Get To See Homes’ Previous Sold Prices, After Supreme Court Decision
“Canadian homebuyers could soon see much more detailed data on homes listed for sale, thanks to a decision by the Supreme Court of Canada.”
Sky-high housing costs have renters considering exodus from GTA, study shows
“Toronto renters who hope to one day buy a home are contemplating leaving the city in droves, based on an increasingly unaffordable real estate market, according to a new study.”
Climate Change Is Already Sinking Home Values (Take Note, Vancouver)
“Some 820,000 homes across the U.S. are priced at a “discount” due to coastal flooding.”
Bidding wars expected to come to Montreal’s real estate market
“The majority of Metro Vancouver residents – even those who own their homes – are rooting for a real estate market correction, according to an Angus Reid poll released August 27.”
Costa Rica Named Best Place in the World to Retire in 2018
“According to InternationalLiving.com’s 2018 Global Retirement Index, Costa Rica takes the top spot for the first time in the index’s history.”
Did you miss our first two August round ups?
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
– we’re here to earn your trust, then your business –
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*Love Canadian Housing? Check out Steve’s Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!